Bitcoin's Hashrate Hits Yet Another All-Time High of 127 EH/s

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Sun, 08/16/2020 - 18:11
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Alex Dovbnya
Bitcoin's hashrate quietly climbs to a new all-time high
Bitcoin's Hashrate Hits Yet Another All-Time High of 127 EH/s
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Bitcoin’s hashrate, the total amount of computational power deployed on the network, has quietly climbed to a new all-time high of 127.289 EH/s, according to data provided by Blockchain.com.

total hash rate
image by blockchain.com

Miners ignore the Bitmain drama

The previous high (126.91 EH/s) was set on July 30, which was preceded by Bitcoin rallying more than 15 percent in just one week. 

While BTC made a leg higher in the following days, its hashrate dipped below 120 EH/s by Aug. 6 but has managed to slowly grind to the aforementioned lifetime peak.

Notably, this recovery happened despite Bitmain, the leading mining equipment mining manufacturer, delaying the delivery of its ASICs earlier this month due to “external interference.”    

Overall, the processing power of Bitcoin has grown by more than 76.4 percent on the year-over-year basis.

This is an undeniably positive development for the number one blockchain given that it is now more resilient than ever to a 51 percent attack that would allow a single entity to seize control over the network and perform false transactions.  

Related 10,000 ASICs Disappear from Bitmain's Mining Farm
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10,000 ASICs Disappear from Bitmain's Mining Farm

Bitcoin’s difficulty to follow suit

As noted by crypto-focused analytics firm Coin Metrics, Bitcoin’s mining difficulty, which adjusts roughly every two weeks, is also expected to reach a new high earlier this month provided that the hashrate doesn’t fall.

The higher the difficulty is, the more power it takes to mine a single block, which prevents miners from overproducing new coins (and vice versa).

The network is expected to see its second positive difficulty adjustment in a row (+4.92 percent) in about a week.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.